Wow, once again it seems that a great deal of excitement has been raised about very little.
I have just been observing the posts, waiting for a lull in the storm.
There are different business models in the trading world, some are better than others, and we won't know which works the best for some time. And different models can co-exist.
I can make a couple of comments. Again, I can thank those of you with other firms for bringing to light the areas where we needed to make changes for our traders. We have full 100% payouts with as little as $15K in the accounts. We have cut haircut charges significantly for all traders. We have given free haircut up to $500,000 (or 20 times equity, whichever is higher) for conversions.
We have cut NASDAQ costs by a bunch...now a Penny or less with NO TICKETS, NO ECN Fees, etc.
We offer "low money" entry for experienced traders, and "no money" entry for interns from Universities (we have programs in many schools).
The Schonfeld model of employee traders, although viable for a while, has proven to be a problem for quite some time (for the firm and for the traders).
More aggressive "recruiting" practices (i.e. attempting to Pirate traders from other firms) shows just how desperate some firms have become. We try to recruit by "attraction" and have done pretty well, as shown by our continued growth (due to the profitability of our traders).
We haven't really thought much about WorldCo to this point, and wish them well in their efforts to "grow the industry" by adding new traders, not stealing other traders. If they begin that practice, as others have, then they will simply fall into another category of trading firm.
Our success should speak for itself, and I don't see Gene out here causing trouble, and sometimes if we let well enough alone, the marketplace will shake out the less competitive.
I am posting our new 2002 pricing and benefits for you all to see today. Check the site.
I have just been observing the posts, waiting for a lull in the storm.
There are different business models in the trading world, some are better than others, and we won't know which works the best for some time. And different models can co-exist.
I can make a couple of comments. Again, I can thank those of you with other firms for bringing to light the areas where we needed to make changes for our traders. We have full 100% payouts with as little as $15K in the accounts. We have cut haircut charges significantly for all traders. We have given free haircut up to $500,000 (or 20 times equity, whichever is higher) for conversions.
We have cut NASDAQ costs by a bunch...now a Penny or less with NO TICKETS, NO ECN Fees, etc.
We offer "low money" entry for experienced traders, and "no money" entry for interns from Universities (we have programs in many schools).
The Schonfeld model of employee traders, although viable for a while, has proven to be a problem for quite some time (for the firm and for the traders).
More aggressive "recruiting" practices (i.e. attempting to Pirate traders from other firms) shows just how desperate some firms have become. We try to recruit by "attraction" and have done pretty well, as shown by our continued growth (due to the profitability of our traders).
We haven't really thought much about WorldCo to this point, and wish them well in their efforts to "grow the industry" by adding new traders, not stealing other traders. If they begin that practice, as others have, then they will simply fall into another category of trading firm.
Our success should speak for itself, and I don't see Gene out here causing trouble, and sometimes if we let well enough alone, the marketplace will shake out the less competitive.
I am posting our new 2002 pricing and benefits for you all to see today. Check the site.
